The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-09-17
CONDITION OF THE MARKETS
A Big Drop in the Prices of Short Ribs
Causes a Sensation at Chicago.
Fails to Develop Any Marked Change
Corn Active-Proyisions Active.
MONEY, BONDS AND STOCKS.

A Radical Change in the Tone of SpecuIa-
ton, Followed by Higher Prices.
NEW YORK, Sept. 16.-Money on call
active, ranging from SAL per cent, the last
loan being made at 5, ane closing offered at 5
per cent
Prime mercantile paper, TAG per cent.
Sterling exchange was dull and unchanged.
The total sales of stocks to-day were 353. 357
shares including the following: Canada
Southern, $685. Delaware, Lackawanna &
Western, 1896; Erie, 9,125; Kansas & Texas,
$3.50; Louisville & Nashville. 6,500; Lake Shore.
10. 800; Missouri Pacific. 4,710; Northwestern,
4,700 New Jersey Central, 1850; Oregon Trans
continental. 2, 700; Pacific Mail, $3.50; Reading,
9s. 100; st. Paul, $1,000; Texas Pacific, 3,74O;
Union Pacific. 6.670; Western Union. SO, 480.
The stock market was more active and fever
ish than on any day so far this week, and the
tone Of the speculation underwent violent
change. Although the bears succeeded in the
forenoon in recording lower prices than had been
seen at any previous time during the week, rumors
were circulated that the government would posi-
lively take some action looking to the relief of the
money market and notwithstanding the argu-
ments Of the 'pears" that 81. 000000 of securi-
ties have been taken up in Wall street this
week. ard that the banks are limiting their
sommodations to extent that seriously inter
fered with business. and that purchase of at
least $40. 000, 600 Of bonds by the Treasury
much, the brought in new buying,
and well-kuown firm which has
peer q steady seller of late. turned
buyer. which had q very reassuring effect. The
traders also followed, and ranged themselves for
the most part on the side of higher figures.
The covering OF 'shorts" assumed large proper
tions, and the most decided advance this
week was the result. The coal stocks were
again most conspicuous in the dealings, being
severely raided in the forenoon and making. the
largest recoveres later in the dav. Western
Union New England, St Paul and Richmond d
West Point also active, but were compare
lively OF less Importance IN the speculation.
Reading was the pivotal stock and its transac-
tions were very large being considerably over
one-fourth OF the ontire days business.
The opening was very active ard decidedly
weak, the declines from yesterdays final
quotations ranging from ] to per cent Prices
were further forced down, from to per cent,
but by the end of the first half hour the decline
was checked and prices quickly brought back to
the opening figures. Dizziness then succeeded.
and the market stagDated until near noon. when
the buying set in In earnest, and material ad-
vances were made over the entire list cumnat-
ing at about p. NJ After that time the dull
ness became extreme. and prices receded slight
", but the close WAS steady at near the best
figures of the day. The closing prices show
irregular changes, but the advances are more
numerous and important, while Wheeling &
Lake Erie lost II and Manhattan II; Chicago
Burlington & Quincy is up 2; Canada Southern
and Jersey Central each I, and most of the list
fractional amounts.
Railroad bonds did not respond to any appre-
ciable extent to the improvement in stocks;
sales 1892, OO0 Buffalo, New York s. Philadel-
phia trust certificates were a feature advancing
9 per cent. falling market. Closing prices
are generally lower. and Northwestern coupon
gold sevens lost 2 ct 1877 Houston 81 Texas
onds, Al, at 993; Pensacola 81 Atlantic frsts, 3,
at 90; Now Orleans Pacific trust receipts. 81. at
73: Texas Pacific Rio receipts q, at 62s: Shenan-
doah Valley general SKIES, 4. at 30; Tennessee
Coal Birmingham division, 2, at IS, and Ind-
p infa
q. at q
Government bonds were dull and heavy to
weak.
State bonds were dull and heavy. Closing